Site preparation is wrapping up on a 54-acre plot of land in Manchester, including 40 acres of shovel-ready land for commercial development.

Eastern Iowa developer A.J. Spiegel, of Spiegel Family Realty Co. Iowa, has invested several million to develop the site at the intersection of Highways 13 and 20. The city of Manchester has annexed and rezoned the land for commercial use, and Spiegel said he envisions hotels, gas stations and fast-food restaurants to soon crop up.

"It's very visible," he said, adding there is interest from companies to build on the site. "It's a great spot — easy on, easy off."

Spiegel, chief executive officer of Mi-T-M Corp. in Peosta, purchased the land in November 2012. Since then he has leveled the area and cleared it of debris, rocks and trash.

"It was a spot that required a lot of work," Spiegel said.

Manchester City Manager Timothy Vick said water and sewer lines have been installed and roads through the development have been paved. After construction widening Highway 13 is completed by the end of September, the land will be ready for development.

Earlier this summer, Spiegel purchased the former Peregrine Financial Group headquarters in Cedar Falls for a little more than $3.2 million, according to the Waterloo-Cedar Falls Courier.

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